Aquasure Finance Pty Ltd.#s A$900 Million Syndicated Bank Facility Rated #BBB+#; Outlook Stable

Stocks and Financial Services Press Releases Tuesday March 15, 2016 16:05
SYDNEY--15 Mar--Standard & Poor's

SYDNEY (Standard & Poor's) March 15, 2016--Standard & Poor's Ratings Services said today that it has assigned its 'BBB+' long-term issue credit rating to the A$900 million syndicated bank facility entered into by Aquasure Finance Pty Ltd., the finance subsidiary of the Aquasure group of companies. The rating outlook is stable. Aquasure is the holder of the public private partnership with the Australian State of Victoria for the state's desalination plant. The bank facility has a maturity of seven years and benefits from the same representations, warranties, and covenants as Aquasure's other senior secured creditors.

We note that Aquasure received in early March 2016 its first water order from the State of Victoria since construction was completed in late 2012. The order of 50 gigaliters (GL) is to be fulfilled by June 30, 2017. The relatively low volume ordered (representing about 30% of the plant's total capacity) represents, in our view, a low risk but it will provide Aquasure and its partners their first opportunity to demonstrate their ability to efficientlyrun the plant.

Supporting the 'BBB+/Stable' issue credit rating on Aquasure's senior secured debt are: our view of the low-to-medium risk of operating and maintaining a desalination plant; lack of market or volume risk; and the company's base-case debt service coverage ratio being in the 1.3x-1.35x range.


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